The Street's favorite S&P 500 stocks for 2015

A Nabors Industries floor hand uses a towel to wipe drilling fluid from a section of pipe on a crude oil rig outside New Town, N.D.

Wall Street believes many oil stocks will emerge from their funk this year, according to a report from Birinyi Associates.

The firm compiled analyst recommendations and 12-month price targets for S&P 500 stocks. Seven of the 10 most bullish analyst picks have a hand in the struggling oil and gas sector, based on price targets compared to the stock's January close.

While they provide a good summary of Wall Street sentiment, price targets rarely predict stocks' actual performance, said Robert Sicari, an analyst at Birinyi Associates. When the firm compiled similar projections last year, there was "a major disconnect" between predictions and prices, he said.